Third Point to sell most of Yahoo stake, Loeb to quit board

Activist hedge fund Third Point reached an agreement to sell two-thirds of its stake in Yahoo back to the company, pocketing a tidy profit and relinquishing three seats on the board of a company trying to effect a tricky turnaround.

Third Point’s decision to sell a chunk of its single largest corporate holding comes as the struggling Internet company’s stock fell over 4 per cent on Monday after having surged more than 80 per cent during the past 12 months, due largely to aggressive share buybacks and the value of Yahoo’s Asian assets.

via Business feed http://www.scmp.com/business/companies/article/1289004/third-point-sell-most-yahoo-stake-loeb-quit-board